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The results are welcome news for Swiss bankers, who have been
giving up ground to Singapore as a preferred destination for rich people to park their money. The industry is still recovering from a major crackdown by the U.S. tax authorities, who charged Swiss banks with helping U.S. citizens avoid taxes.

Despite the strength in wealth management and investment banking, JPMorgan's Abouhossein expressed disappointment at Credit Suisse's fixed income currencies and commodities trading results, which he called "second worst in the industry so far and worst in terms of QoQ decline." Still, Credit Suisse remains one of his top stock picks among global investment banks, behind only
UBS(UBS). His third, fourth and fifth picks, respectively, are
Morgan Stanley(MS - Get Report),
Deutsche Bank(DB - Get Report)and
Goldman Sachs(GS - Get Report).